Federal Reserve Chairman Jerome Powell said he would not step down if President-elect Donald Trump, who has previously criticized Powell's performance, asked him to resign.
Speaking at a press conference on Thursday to discuss today's rate cut move by the Fed benchmark interest rate By 0.25 percentage points, Powell said presidents are not allowed under law to fire or demote the Fed chairman.
During the program, Powell generally avoided answering questions from the media. November 5 electionIn which Trump defeated Vice President Kamala Harris.
“I'm not going to get into the political stuff here today,” Powell said in response to a question from CBS News' Kelly O'Grady.
Trump nominated Powell To lead the Fed in 2017. Powell's term as Fed chair will end on May 15, 2026.
—This is a breaking story and will be updated.